Bitcoin price traded to a new swing low at $43,000 before correcting higher against the US Dollar. BTC is now facing a strong resistance near $47,000 and the 100 hourly SMA.
- Bitcoin extended its decline below the $45,000 support and tested the $43,000 zone.
- The price is now recovering higher towards the $47,000 resistance and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $48,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must break $47,000 and $48,000 to move into a positive zone in the near term.
Bitcoin Price is Facing Hurdles
After a downside break below $48,000, bitcoin even extended its decline below the $45,000 support level. BTC tested the $43,000 zone and it settled below the 100 hourly simple moving average.
It is currently correcting higher and trading above the $45,000 level. There was a break above the 50% Fib retracement level of the recent decline from the $48,307 high to $43,004 low.Bitcoin is now approaching a couple of important hurdles, starting with $47,000. The 100 hourly simple moving average is near the $47,000 level to act as a resistance. The 76.4% Fib retracement level of the recent decline from the $48,307 high to $43,004 low is also at $47,050.
Source:The next major resistance is near the $48,000 level. There is also a key bearish trend line forming with resistance near $48,000 on the hourly chart of the BTC/USD pair. To start a strong increase, the bulls need to clear the 100 hourly SMA and then $48,000. The next major resistance could be $50,000, above which the bulls are likely to gain strength.